Many factors might influence the cost of your home insurance premium. Some of them might be beyond your control and as such you may not be able to change them while others can be modified and adjusted so that you may obtain a lower rate.
Age and Construction type
Older houses present a higher risk of plumbing, electrical and HVAC issues and might therefore be subject to a higher premium than newer homes.
If your locality is often victim to natural disasters or high crime rates, there might be increases in the policy.
If you have filed several claims in a small span of time, your premium is likely to be higher.
Domestic Risk Factors
If your home is deemed to contain high risk features such as a swimming pool, a trampoline or aggressive pets, then your premium might be higher.
Your Credit Score
Your credit score is used to determine the price of your policy. The price will vary depending on whether the score is good, average or bad.
The Level of Deductible
The price of your coverage will depend on the amount of deductible that you choose to pay. Choosing a high amount of deductible means that you would have to take out more funds from your saving in the event that an incident happens. As a compensation for this, you would have a lower premium. It is however recommended to opt for a deductible that can be comfortably met as your insurance will not take over until the deductible amount is spent.